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He said: 'If we are losing talent to overseas pharmaceutical, aerospace, engineering and creative companies then surely we should be shaping policy to capitalise on the years of investment in and by these individuals.

'Certainly we must look to be introducing more competitive personal tax rates as a start, but not all are motivated by higher disposable income.

Figures from the Office of National Statistics show how emigration among 25 to 44-year-olds peaked in 2008

'The language the Government uses will be as important as the policies it presents to compete with the lure of other countries who are attracting some of our country’s best home-grown talent.'

Of the 3.6 million people who left the UK for a new life abroad, only 125,000 were of retirement age.

Britons leaving the UK are most likely to be going to Australia, followed by the US and Spain. France, Germany, Canada and New Zealand are also popular destinations.

Leaving: Britain's brightest workers are leaving the UK to apply their talent abroad, MP Nick de Bois has warned

A report by the Home Office last year found that rising house prices in the UK made emigration attractive to homeowners who were also entrepreneurs, because they could sell up and set up small businesses in expatriate communities.

The UK has 4.7million expats living overseas, putting it eighth in the world for the number of its citizens living abroad.

Emigration from the UK peaked in 2008 at around 427,000, according to the Home Office report.